From Ancient Store of Value to Strategic Financial Reserve
Gold has served as money, jewellery and a symbol of wealth for thousands of years. In the modern financial system, however, its role is expanding far beyond tradition. Gold is increasingly being treated as a strategic asset by central banks, institutional investors, family offices and private individuals seeking protection from inflation, geopolitical instability, currency depreciation and financial-market volatility.
The transformation accelerated dramatically in 2025. Global gold demand, including over-the-counter transactions, exceeded 5,000 tonnes for the first time, while the gold price recorded 53 new all-time highs during the year. Gold produced a full-year US-dollar return of approximately 67%, its strongest annual performance in several decades.
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